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This paper provides a pragmatic and objective diagnostic approach to the assessment of public investment management systems for governments. Since weaknesses in public investment management can negate the core argument that additional fiscal space allocated to public investments could enhance future economic prospects, attention to the processes that govern public investment selection and management is critical. The paper begins with a description of eight key "Must-have" features of a well-functioning public investment system: investment guidance, project development, and preliminary screening; formal project appraisal; independent review of appraisal; project selection and budgeting; project implementation; project adjustment; facility operation; and project evaluation.
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